Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>CarMax delivered robust results in its fiscal 2026 first quarter, showcasing strengths and pinpointing areas for growth.</li><li>Positives included achieving its fourth consecutive quarter of positive retail unit comp growth and double-digit earnings per share (EPS) expansion, marking a 42% increase in EPS year-over-year.</li><li>This growth was attributed to a 9% increase in total retail unit sales, solid retail gross profits per used unit at a historic high, and an effective omnichannel shopping model that blends in-store and online customer experiences.</li></ul>

CarMax delivered robust results in its fiscal 2026 first quarter, showcasing strengths and pinpointing areas for growth.Positives included achieving its fourth consecutive quarter of positive retail unit comp growth and double-digit earnings per share (EPS) expansion, marking a 42% increase in EPS year-over-year.This growth was attributed to a 9% increase in total retail unit sales, solid retail gross profits per used unit at a historic high, and an effective omnichannel shopping model that blends in-store and online customer experiences.

CarMax Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!- Major Drivers

<ul><li>CarMax, Inc., a prominent player in the used car retail market, reported a notably positive performance in its third quarter fiscal year 2025 results, reflecting the strength of its diversified business model.</li><li>Retail, wholesale, and the CarMax Auto Finance (CAF) segments all posted year-over-year growth, contributing to a robust increase in earnings per share.</li><li>The improved performance was driven by a combination of internal execution and favorable external conditions, such as a more stable environment for vehicle valuations.</li></ul>

CarMax, Inc., a prominent player in the used car retail market, reported a notably positive performance in its third quarter fiscal year 2025 results, reflecting the strength of its diversified business model.Retail, wholesale, and the CarMax Auto Finance (CAF) segments all posted year-over-year growth, contributing to a robust increase in earnings per share.The improved performance was driven by a combination of internal execution and favorable external conditions, such as a more stable environment for vehicle valuations.

CarMax Inc.: Digital Transformation & Omnichannel Experience As A Critical Growth Lever! - Major Drivers

<ul><li>CarMax Inc. recently reported its earnings for the second quarter of the fiscal year 2025.</li><li>The company reported total sales of $7 billion, a slight 1% decline year-over-year, reflecting a drop in retail and wholesale prices, although this was partly offset by increased retail volume.</li><li>Despite the tensions in the auto loan market affecting the industry, CarMax managed to post several positives.</li></ul>

CarMax Inc. recently reported its earnings for the second quarter of the fiscal year 2025.The company reported total sales of $7 billion, a slight 1% decline year-over-year, reflecting a drop in retail and wholesale prices, although this was partly offset by increased retail volume.Despite the tensions in the auto loan market affecting the industry, CarMax managed to post several positives.

CarMax Inc.: Enhanced Digital & Omni-channel Capabilities & Other Major Drivers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Super Micro Computer / Technical Analysis

<ul>
<li>We are seeing signs that this 2+ month consolidation in the S&amp;P 500 and Nasdaq 100 (QQQ) is ready to break out to the upside. Buy/stay long.</li>
<li>Part of that is the obvious; both the SPX and QQQ are breaking out to marginal new highs. </li>
<li>The other part that has kept us bullish this whole time is that market dynamics have remained risk-on, which we have discussed on a weekly basis.</li>
</ul>


We are seeing signs that this 2+ month consolidation in the S&amp;P 500 and Nasdaq 100 (QQQ) is ready to break out to the upside. Buy/stay long.
Part of that is the obvious; both the SPX and QQQ are breaking out to marginal new highs. 
The other part that has kept us bullish this whole time is that market dynamics have remained risk-on, which we have discussed on a weekly basis.


S&P 500 and Nasdaq 100 Breaking Out; Upside Resuming; DXY and Yields Forming Major Tops?

<ul>
<li>Our outlook remains bullish, and since late-December we have been suggesting to use the pullback as a buying opportunity.</li>
<li>Most recent/highest conviction "buy-the-dip" call came last week (1/14/25) amid all major indexes testing supports (SPX, QQQ, DJI, IJH, VXF, IWM, ARKK, SMH), bullish breadth divergences, other ongoing bullish signals.</li>
<li>Those dip buys are finally paying off, with all these indexes breaking out from 1+month consolidations. The SPX has gapped-up on four of past five trading days, indicating significant strength</li>
</ul>


Our outlook remains bullish, and since late-December we have been suggesting to use the pullback as a buying opportunity.
Most recent/highest conviction "buy-the-dip" call came last week (1/14/25) amid all major indexes testing supports (SPX, QQQ, DJI, IJH, VXF, IWM, ARKK, SMH), bullish breadth divergences, other ongoing bullish signals.
Those dip buys are finally paying off, with all these indexes breaking out from 1+month consolidations. The SPX has gapped-up on four of past five trading days, indicating significant strength


Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish

United States

CarMax, Inc. sells at retail used cars and light trucks. The Company purchases, reconditions, and sells used vehicles in its superstores and franchises throughout the United States.

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Carmax Inc (KMX US)

CarMax Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!- Major Drivers

CarMax delivered robust results in its fiscal 2026 first quarter, showcasing strengths and pinpointing areas for growth. Positives included...

Baptista Research

CarMax Inc.: Digital Transformation & Omnichannel Experience As A Critical Growth Lever! - Major Drivers

CarMax, Inc., a prominent player in the used car retail market, reported a notably positive performance in its third quarter fiscal year 2025...

Baptista Research

CarMax Inc.: Enhanced Digital & Omni-channel Capabilities & Other Major Drivers

CarMax Inc. recently reported its earnings for the second quarter of the fiscal year 2025. The company reported total sales of $7 billion, a...

Baptista Research

S&P 500 and Nasdaq 100 Breaking Out; Upside Resuming; DXY and Yields Forming Major Tops?

S&P 500 $SPX and Nasdaq 100 $QQQ Breaking Out; Upside Resuming; Dip Buys Bearing Fruit; $DXY and 10-year Treasury Yield Forming Major Tops?;...

Vermilion Research

Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish

Local Tops for 10-Yr Treasury Yield $TNX, U.S. Dollar $DXY, & WTI Crude Oil $CL_F, Now Tailwinds for Equities; All Major Indexes We Discussed...

Vermilion Research

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